Subsidy Removal: Northern Groups Threaten Protests, Reject Increase in Petroleum Pump Price

Subsidy Removal: Northern Groups Threaten Protests, Reject Increase in Petroleum Pump Price

  • The northern group has condemned the plan by the federal government to remove fuel subsidy, threatening to resist it
  • The group also reacted to the promise made by FG to replace the oil subsidy with a payment of N5,000 stipend each to 40 million citizens
  • Meanwhile, the plan by the government to increase the pump price of fuel to N340 per litre has continued to elicit reactions in the polity

Kano state- The South-South chapter of the Coalition of Northern Groups has rejected the planned increase in petrol by the federal government.

The Punch reports that the group has threatened to stage protests if FG goes ahead with plans to withdraw fuel subsidy in 2022.

This development was contained in a statement signed by the group’s coordinator, Alhaji Yakubu Aliyu, and made available to journalists in Kano on Monday, December 27.

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Again, Northern groups reject fuel subsidy removal, plan protests
People queue with jerrycans to buy fuel at Mobil filling station in Lagos, on May 21, 2015. Photo credit: PIUS UTOMI EKPEI/AFP
Source: Getty Images

The group noted further that the promise made by FG to replace the oil subsidy with a payment of N5, 000 stipend each to 40 million citizens is not realisable as it cannot cushion the harsh effect of the pump price following the present economic realities.

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NNPC: Report reveals subsidy payment cross over N1 trillion in 2021, with more payment scheduled for December

Meanwhile, Legit.ng had earlier reported that Petrol subsidy payments for 2021 have hit N1.03 trillion in the first 10 months of 2021, shrinking monthly revenue accrued to the federation account.

Legit.ng understands the Nigerian National Petroleum Company Limited revealed this in its latest report containing the presentation made to the FAAC meeting in November 2021.

The subsidy payment in the report was indicated as under-recovery which is the underpriced sales of premium motor spirit (PMS), better known as petrol.

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Subsidy removal and 3 other tough economic decisions by FG that may impact you heavily in 2022

In other news, Nigerians are bracing for a difficult 2022, the year President Muhammadu Buhari-led government will be at the cusp of exiting Aso Rock.

As Buhari's government scrambles for more money to service mounting debts, it will thrust deep into the pockets of Nigerians in the year ahead.

The government has consistently maintained that it has lean resources to cater to the ever-exploding population in the country.

Source: Legit.ng

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